I am starting a new thread for 2011 Q1 (Jan - Mar), including EUR, SP, Gold, and JPY. My wave counts of last month can be found from: http://www.elitetrader.com/vb/showthread.php?s=&threadid=209418 Elliott Wave reference can be found from: http://en.wikipedia.org/wiki/Elliott_wave_principle My labeling for wave degrees in different time frames: Monthly - [[]], [[[II]]], [[[III]]], [[[IV]]], [[[V]]], [[[A]]], [[]], [[[C]]] Monthly - [], [[II]], [[III]], [[IV]], [[V]], [[A]], [], [[C]] Weekly - , [II], [III], [IV], [V], [A], , [C] Weekly - I, II, III, IV, V, A, B, C Daily - 1, 2, 3, 4, 5, a, b, c Daily - _1, _2, _3, _4, _5, _a, _b, _c Hourly - __1, __2, __3, __4, __5, __a, __b, __c
I like your LT count of the S&P. In fact, I like anyone's EW count that doesn't fall into the trap of believing that this is P2, to be followed by P3. Given the behavior of the rally, I would tend to believe that we are in the character of an "X" wave that connects two Zigzags. Prechter ( and others ) are apparently clueless to this possibility.
Hi Landis82 - Thanks for sharing your thought. I can tell that you are really good at counting waves. I went over the long term chart again and found that you were correct! Yes, we are probably in an X wave. That's highly possible! I will take that into consideration. I appreciate your input very much! Talking about Prechter, I used to read (about more than 15 years ago) his wave analysis every month (or bi-weekly I cannot remember). I stopped reading those after I found out that he had a big problem. On the SP wave count, he kept counting a complex B disregarding that the big bull market had been going up for many years. He still lived in the dream of 1987's crash. However, I don't know what he is thinking now because I don't care. I don't think that he is a good wave analyst. Yes, I don't want to be a P2, P3, ... etc. In my eyes, all things are considered. That the principle facing the truth of wave's structure and development is how I want to stick to.